Market Trends of Global Pet Insurance Industry
This section covers the major market trends shaping the Pet Insurance Market according to our research experts:
Increasing Pet Healthcare Act as a Driver for Pet Insurance Market Growth
The global animal health market has seen a dramatic increase in size in recent years. The animal health industry is comprised of many different sectors and focuses on both companion animals and food animals.
Given the large number of animals in the United States, it is no wonder that it represents the largest single animal health market globally. There are many major pharmaceutical companies that work in animal health, some even cater to both human and animal health needs. Recorded in 2020, Zoetis, an animal health company, and Boehringer Ingelheim, a human and animal health company, held the largest percentage of the Global Animal Health Market. Within those companies there are many kinds of products being developed, while the largest animal health market segment are pharmaceuticals. 2018 has been the biggest year on record for the industry. This highly dramatic increase in animal Personal Care and Healthcare market is witnessing the growth in Pet Insurance Market globally and expected to grow till the forecast period.
In United Kingdom, Country's animal healthcare industry is showcasing robust growth in the past few years in terms of usage of advanced technologies including genomics, biotech, and artificial intelligence (AI). Various strategic developments are shaping the country's animal healthcare in a positive direction. This can be well-understood from the acquisition of Simplyhealth by Premier Vet Alliance (PVA) in November 2020. Under this acquisition PVA, a Global Pet Healthcare plans provider will migrate Simplyhealth's 2,000 practices to its pet health plan portal. Moreover, the veterinary and companion animal spending in UK increased by 50% yearly. Hence, all such developments attract a large customer base and promote the availability of advanced solutions in the field. Also, it has been seen that cost of treatment associated with dogs are comparatively higher, this factor contributes to the acceptance of pet insurance among dogs. The severity of diseases associated with dogs are somewhat similar to that of humans, which need immediate treatment and involve high-cost treatment. Hence, these insurance help to lessen the cost burden for owners.
North America Accounted for Majority of Market Share due to Increase in Pet Adoption Rate
North America is expected to hold maximum market share during the forecast period. The number of pet adopters are high in this region, thus tends to increase growth of market. According to American Society for Prevention of Cruelty to Animals suggests that, accounted as on year 2020, more than 3.2 million shelter animals are adopted in every year. Out of which, 1.5 million are dogs. Thus, there is huge pet adoption in this region which stimulate the industry value.
In the United States,70% of United States Households accounting more than 84.9 million families, own atleast one pet, according to the 2020-2021 National Pet Owners Survey conducted by the American Pet Products Association (APPA). 95% of American pet owners consider their pets to be family members. Freshwater aquarium fish are the most popular pet, with 139.3 million of them nationwide. Generation X and Millennials make up more than two thirds of all pet owners in the United States. According to the American Pet Products Association's accounted as per data on Year 2020-21, National Pet Owners Survey, the total number of dogs owned was 63.5 million and cats were 42.7 million and others summing up the Total pet Population to by 84.9 Million Households in the United States.
According to the European Pet Food Industry statistics, there were around 85 million pet owning homes in Europe in the year 2019. This number involves various pet insurance policy coverage, thereby augmenting the market value.
